MIRA INFORM REPORT
|
Report Date : |
17.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
INDOFIL INDUSTRIES LIMITED (w.e.f. 05.10.2010) |
|
|
|
|
Formerly Known
As : |
INDOFIL ORGANIC INDUSTRIES LIMITED |
|
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2012 (Profit and Loss Account) |
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Date of
Incorporation : |
09.02.1993 |
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|
|
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Com. Reg. No.: |
11-070713 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs. 179.991 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH1993PLC070713 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUM107395D |
|
|
|
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PAN No.: [Permanent Account No.] |
AABC14568D |
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|
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Plastic Chemicals. |
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|
|
|
No. of Employees
: |
900 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9500000 |
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|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a fine track record.
Financial position of the company appears to be strong and healthy. Directors
are reported to be well experienced and knowledgeable businessmen. Trade relations are reported as trustworthy. Business is active.
Payment terms are reported as regular and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
The years after the
outbreak of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB+ = Long Term Rating |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
April 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A2+ =
Short Term Rating |
|
Rating Explanation |
Strong Degree of safety and very low credit
risk. |
|
Date |
April 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mrs. Shraddha |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-22-66637373 |
|
Date : |
13.08.2013 |
LOCATIONS
|
Registered Office / Head Office : |
|
|
Tel. No.: |
91-22-66637373 / 66637555 |
|
Fax No.: |
91-22-28322272 |
|
E-Mail : |
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|
Website : |
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|
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|
Factory : |
|
|
Tel No.: |
91-22-67999100 |
|
Fax No.: |
91-22-25898357 |
DIRECTORS
As on 12.09.2012
|
Name : |
Mr. Krishan Kumar Modi |
|
Designation : |
Director |
|
Address : |
A- 1, Maharani Bagh, New Delhi-110065, |
|
Date of Birth/Age : |
27.08.1940 |
|
Date of Appointment : |
01.03.2012 |
|
Voter ID No.: |
DKY 1289875 |
|
DIN No.: |
00029407 |
|
|
|
|
Name : |
Mr. Charu Bhartia |
|
Designation : |
Whole-time director |
|
Address : |
A- 1, Maharani Bagh, New Delhi-110 065, |
|
Date of Birth/Age : |
28.10.1962 |
|
Date of Appointment : |
01.04.2009 |
|
DIN No.: |
00029625 |
|
|
|
|
Name : |
Mr. Jayaraman Ramachandran |
|
Designation : |
Director |
|
Address : |
417, Faculty Quarters, Indian Institute of Management, Bannerghatta,
Bangalore-560076, |
|
Date of Birth/Age : |
01.06.1957 |
|
Date of Appointment : |
17.08.2007 |
|
DIN No.: |
00004593 |
|
|
|
|
Name : |
Mr. Mahendra Naranji Thakkar |
|
Designation : |
Director |
|
Address : |
133/134, Chandramani, 7th Floor, |
|
Date of Birth/Age : |
17.10.1941 |
|
Date of Appointment : |
17.08.2007 |
|
DIN No.: |
00268818 |
|
|
|
|
Name : |
Mr. Sunil Kumar Alagh |
|
Designation : |
Director |
|
Address : |
12 C, IL Palazzo, Little |
|
Date of Birth/Age : |
06.11.1946 |
|
Date of Appointment : |
17.08.2007 |
|
DIN No.: |
00103320 |
|
|
|
|
Name : |
Mr. Munesh Khanna |
|
Designation : |
Director |
|
Address : |
Beachwood House, Ground Floor, Jussawala Wadi, Juhu, Mumbai - 400049, |
|
Date of Birth/Age : |
12.05.1962 |
|
Date of Appointment : |
17.08.2007 |
|
DIN No.: |
00202521 |
|
|
|
|
Name : |
Mr. Sanjay Ramakant Buch |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
7/31, Bandra Sona Housing Complex, Krishnachandra Marg, Bandra (West),
Mumbai-400050, |
|
Date of Birth/Age : |
26.09.1968 |
|
Date of Appointment : |
11.08.2009 |
|
DIN No.: |
00391436 |
|
|
|
|
Name : |
Mr. Manoj Singh |
|
Designation : |
Nominee Director |
|
Address : |
D-306, Sector 47, Gautam Budh Nagar, Noida-201303, |
|
Date of Birth/Age : |
03.12.1964 |
|
Date of Appointment : |
06.06.2012 |
|
DIN No.: |
03644955 |
KEY EXECUTIVES
|
Name : |
Mrs. Shraddha |
|
Designation : |
Finance Executive |
MAJOR SHAREHOLDERS
As on 12.09.2012
NOTE: SHAREHOLDER
DETAILS FILE ATTACHED.
As on 12.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Government
companies |
9.50 |
|
Public financial
companies |
1.44 |
|
Mutual funds |
0.01 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
12.19 |
|
Bodies corporate |
63.50 |
|
Directors or relatives of Directors |
2.46 |
|
Other top fifty shareholders |
3.02 |
|
Others |
7.88 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic Chemicals |
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Products : |
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Exports : |
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Products : |
Plastic Chemical |
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Countries : |
European Countries |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Technicals *** |
MT/KL |
47000**** |
25576 |
|
Formulations |
MT/KL |
14540 |
7487 |
|
S and P Chemicals |
MT/KL |
13200 |
14023 |
|
Other Chemical Purchased |
MT/KL |
-- |
1283.00 |
Note:
*** The Installed capacities are as per the certificate given by the
Management of the Company on which auditors have relied.
**** This Capacity includes Dahej Production capacity which commenced
its commercial production in October 2010
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
900 (Approximately) |
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Bankers : |
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Facilities : |
Note: (A)
Development Credit Bank Limited 180.00 (Repayable
within one year Rs 18.000 Millions. P.Y Rs 18.000 Millions) Union Bank of
India- Indian Currency Loan Rs. 80.994 Millions. (Repayable within one year
Rs 40.994 Millions. P.Y Rs 40.000 Millions) Shamrao Vithal Co-Operative Bank
Limited Rs. 166.025 (Repayable within one year Rs. 41.090 Millions. P.Y
37.500 Millions ) (Above all loans are Secured by a first charge of Company's
fixed assets, and second charge on current assets and other movable assets,
both present and future inter se the consortium Bankers.) Standard Chartered
Bank PLC Rs. 276.788 (Repayable within one year Rs. 21.033 Millions. P.Y
18.045 Millions) (Secured by Specific Assets Financed) HDFC Bank Limited. Rs.
115.853 Millions (Repayable within one year Rs. 7.710 Millions. P.Y NIL)
(Secured by Specific Assets Financed) (B)
SICOM Limited Rs. 161.000 Millions (Repayable within
one year Rs 64.000 Millions. P.Y Rs 46.000 Millions) (Above all loans are
Secured by a first charge of Company's fixed assets, and second charge on
current assets and other movable assets, both present and future inter se the
consortium Bankers.) (C)
Union Bank of (D)
Cash Credit/Working Capital Demand Loan (Secured
by a first pari passu charge, by way of hypothecation of Company's current
assets and other movable assets and second pari passu charge on the fixed
assets both present and future, inter se the Term Lenders.) |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institutions : |
L and T Finance Limited, L and T House, Ballard Estate,
Mumbai - 400001, |
|
|
|
|
Auditors : |
|
|
Name : |
M. M. Bilimoria and Company Chartered Accountants |
|
Address : |
101 Sharda Chambers, Sir Vithaldas Thackersey Marg, Mumbai-400030, |
|
PAN No.: |
AABPB3927E |
|
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Associates (As on 31.03.2012) : |
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Subsidiaries (As on 31.03.2012) : |
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Other Related Parties (As on 31.03.2012) : |
|
CAPITAL STRUCTURE
As on: 12.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
44000000 |
Equity Shares |
Rs.10/- each |
Rs. 440.000 Millions |
|
600000 |
Preference Shares |
Rs. 100/- each |
Rs. 60.000 Millions |
|
|
Total |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20662400 |
Equity Shares |
Rs.10/- each |
Rs. 206.624
Millions |
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
44000000 |
Equity Shares |
Rs.10/- each |
Rs. 440.000 Millions |
|
600000 |
6% Non Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 60.000 Millions |
|
|
Total |
|
Rs.
500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11807086 |
Equity Shares |
Rs.10/- each |
Rs. 118.070
Millions |
|
8855314 |
Equity Shares |
Rs.10/- each |
Rs. 88.553
Millions |
|
Less : |
Calls unpaid (Second call Rs. 3/-per share) |
|
Rs. 3.872
Million |
|
Less : |
Calls in Arrears (First call Rs. 3/-per
share) |
|
Rs. 0.010
Million |
|
|
Total |
|
Rs. 202.741 Millions |
As on 31.03.2011
Authorised Capital
:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35144686 |
Equity Shares |
Rs.10/- each |
Rs. 351.447 Millions |
|
8855314 |
Equity Shares |
Rs.10/- each |
Rs. 88.553 Millions |
|
600000 |
6% Non Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 6.000 Millions |
|
|
Total |
|
Rs. 446.000
Millions |
Issued, Subscribed
& Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11807086 |
Equity Shares |
Rs.10/- each |
Rs. 118.071 Millions |
|
8855314 |
Equity Shares |
Rs. 7/- each |
Rs. 61.987 Millions |
|
Less |
Calls unpaid by others |
|
Rs. 0.067 Million |
|
|
Total |
|
Rs. 179.991
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
179.991 |
153.492 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
2207.203 |
1679.743 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
2387.194 |
1833.235 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
3138.066 |
1986.581 |
|
|
2] Unsecured Loans |
|
7.000 |
7.000 |
|
|
TOTAL BORROWING |
|
3145.066 |
1993.581 |
|
|
DEFERRED TAX LIABILITIES |
|
126.005 |
97.890 |
|
|
|
|
|
|
|
|
TOTAL |
|
5658.265 |
3924.706 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2280.048 |
1751.719 |
|
|
Capital work-in-progress |
|
652.761 |
353.415 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
223.183 |
219.801 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1856.919
|
1297.037 |
|
|
Sundry Debtors |
|
2393.295
|
1775.328 |
|
|
Cash & Bank Balances |
|
15.584
|
18.680 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
416.421
|
310.010 |
|
Total
Current Assets |
|
4682.219 |
3401.055 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
1075.123
|
889.973 |
|
|
Other Current Liabilities |
|
992.121
|
802.798 |
|
|
Provisions |
|
112.702
|
108.513 |
|
Total
Current Liabilities |
|
2179.946 |
1801.284 |
|
|
Net Current Assets |
|
2502.273
|
1599.771 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
5658.265 |
3924.706 |
|
NOTE: Balance
sheet for the year 2012 is not available only profit and loss account is available.
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9757.674 |
8205.342 |
7064.448 |
|
|
|
Other Income |
72.564 |
5.488 |
113.977 |
|
|
|
TOTAL (A) |
9830.238 |
8210.830 |
7178.425 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
materials consumed |
5235.994 |
4788.008 |
|
|
|
|
Purchases of
stock-in-trade |
390.009 |
314.338 |
|
|
|
|
Employee benefit
expense |
817.529 |
624.176 |
|
|
|
|
Other expenses |
2242.886 |
1994.619 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(119.780) |
(447.893) |
|
|
|
|
TOTAL (B) |
8566.638 |
7273.248 |
5787.758 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1263.600 |
937.582 |
1390.667 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
496.353 |
330.675 |
271.917 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
767.247 |
606.907 |
1118.750 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
190.500 |
157.902 |
115.499 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
576.747 |
449.005 |
1003.251 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
142.211 |
43.266 |
316.313 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
434.536 |
405.739 |
686.938 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
400.333 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
68.694 |
|
|
|
Dividend on Shares |
NA |
NA |
46.047 |
|
|
|
Tax on Dividend |
NA |
NA |
7.826 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
964.704 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
3894.942 |
2632.071 |
2825.729 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2864.403 |
2507.905 |
1239.832 |
|
|
|
Stores & Spares |
0.000 |
0.420 |
1.095 |
|
|
|
Capital Goods |
2501.911 |
24.732 |
85.671 |
|
|
TOTAL IMPORTS |
5366.314 |
2533.057 |
1326.598 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.13 |
25.75 |
44.75 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
11500.000 |
Expected Sales (2013-2014) : Rs. 14000.000 Millions.
The above information has been parted by Mrs. Shraddha (Finance
Department).
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.42
|
4.80
|
9.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.91
|
5.37
|
14.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
6.45
|
19.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.19
|
0.55 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
NA
|
1.32
|
1.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
2.15
|
1.89 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE
Registered office has been shifted from Nirlon House,
UNSECURED LOANS:
|
Particulars |
31.03.2012 Rs. In Millions |
31.03.2011 Rs. In Millions |
|
Rupee term loans financial institutions unsecured |
7.000 |
7.000 |
|
Total |
7.000 |
7.000 |
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10428319
|
03/05/2013
|
300,000,000.00
|
The
Hongkong and Shanghai Banking Corporation Limited |
52/60, |
B75952648
|
|
2 |
10375981
|
13/09/2012
|
313,500,000.00
|
BANK
OF |
225, JOLLY MAKER CHAMBERS
II,NARIMAN POINT, MUMBAI, Maharashtra - 400099, |
B57908998
|
|
3 |
10374098
|
30/08/2012
|
100,000,000.00
|
The
Shamrao Vithal Cooperative Bank Limited |
|
B57094468
|
|
4 |
10361201
|
01/06/2012
|
270,000,000.00
|
DBS
Bank Limited |
Upper Ground Floor, Birla Tower,
26, Baramkhambha Road,, New Delhi, Delhi - 110001, INDIA |
B41776360
|
|
5 |
10367167
|
01/06/2012
|
299,700,000.00
|
Barclays
Bank Plc |
Ceejay House, Shivsagar
Estate, Dr.A.B.Road, Worli, Mumbai, Maharashtra -400018, |
B44374379
|
|
6 |
10359536
|
01/06/2012
|
810,000,000.00
|
Standard
Chartered Bank |
23, Narain Manzil, |
B41162512
|
|
7 |
10350631
|
01/06/2012
* |
500,000,000.00
|
L
and T Finance Limited |
L and T House, Ballard Estate,
Mumbai, Maharashtra - 400001, |
B42115303
|
OPERATION (AS ON 31.03.2011)
Production of
Agrochemicals Division for the year has been 33,063 MT as against 30,426 MT in the
previous year and sales have been 32,924 MT against 27,798 MT. in the previous
year.
In case of Specialty Chemicals Division, the production has been 14,023
MT as against 11,086 MT in the previous year and the sales have been 14,558 MT
against 11,406 MT.s in the previous year.
OUTLOOK
The outlook for the crop protection market in 2011 appears to be far more positive than 2010 due to low crop stocks and strong crop commodity prices. The initial monsoon forecast suggests that the monsoon will be normal, well spread and on time. This will continue to boost the morale of the farmers and would encourage them to use more inputs for productivity improvement.
The company continues to consolidate its position by
focusing on development of products with in-house RandD and procuring
distribution rights from multinationals and other research based companies.
Growth prospects in domestic market (branded/bulk and packaged) and in export
range are good. Mancozeb revenues will be up with commissioning of Mancozeb WP second
line and stabilization of Mancozeb WG facilities. The decision to defend
Myclobutanil in EU and entry in to
SPECIALITY AND
PERFORMANCE CHEMICALS DIVISION
Specialty and Performance Chemicals Division comprising the five distinct Strategic Business Units (SBU) i.e. Leather, Textile, Coatings, Plastic and Construction has been growing and the company has been looking for more associations in these segments.
They have a comprehensive range of textile chemicals and auxiliaries which includes a Textile printing package provider for Textile printing and Coating Industries. This consists of Binders, Synthetic Thickeners, Rheology Modifiers, Formaldehyde and Non-Formaldehyde based cross linking agents i.e., Fixers, Polyurethanes and hybrids mainly for textile and synthetic leather cloth application.
They have collaboration in the Leather segment with Chemtan
Chemical Inc.,
The Coating business addresses the need of water based paints, ink and specialty coatings industry by offering various emulsions in the range of acrylic, styrene acrylic and modified acrylic range, dispersing agents, rhehology modifiers and specialty coatings. This range has been well accepted in domestic and international market due to its performance and SPCD has been working on the further increase in its portfolio in this segment.
In plastic business
they serve the PVC processing industry by offering range of acrylic processing
aid, impact modifier, heat stabilizers and plasticizers. Indofil is the only
manufacturer of acrylic processing aid and impact modifier in
In constructions segment cement mortar modifier of subject is one of the most widely accepted and acknowledged products by the Industry due to its performance in the area of water proofing for new constructions and construction in repairs and rehabilitation.
FIXED ASSETS :
- Land -
Freehold
- Land –
Leasehold
- Factory
Buildings
- Non – Factory
Buildings
- Plant and
Machinery
- Other Plant
Equipment
- Furniture and
Fixture
- Vehicles
- Office and
Other Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.52 |
|
|
1 |
Rs. 94.99 |
|
Euro |
1 |
Rs. 81.63 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.